Yeah I had a bunch of stuff gone through by a group of thugs on the beach in broad daylight in front of the jetty about 2 years ago. I saw it happening, but the waves were pretty good for LI standards that day so I almost didnt even go in to do anything about it. I managed to chase them away, thankfully they werent packin heat just watch your back, and keep everything you need on you if at all possible, as someone else suggested
alot of times if you stick you **** in tight under the boardwalk its alot harder for the thieves to find. you can do alot of moving sand around under there to so its completely covered from plain sight and only you know where it is. you might get some sand in your stuff but its better than getting it nicked
I keep all of my valuable stuff on me at all times (metrocard, keys and cash). As I live in Manhattan, I think a board bag is a necessity for the subway. I use a bike lock and lock the board bag to any part of the boardwalk. Sure someone can cut the fabric, however, they would probably just go to another bag that isn't locked up.